The General Authority for Investment and Free Zones (GAFI) issued decision number 96 for 2019, committing companies to forgo paper documents and turn to digitalisation, upon Law No 159 for 198, as well as Law No 72 for 2017, a Wednesday statement of the GAFI, said.
The statement affirmed that firms’ founding procedures will be electronically implemented, adding that the GAFI will electronically offer the service of archives and records’ establishment.
Recently, the GAFI delivered certifications of passing the first programme for capacity building entitled ‘Official representative of electronic foundation’ which continued for one week, with the aim of spreading knowledge of electronic founding for companies.
The aforementioned programme is part of the ministry of investment and international cooperation’s initiative to turn into a digitalised system, said the statement.
The programme is also the first step in the ministry’s plan to establish an electronic network to offer investors’ services.
The GAFI retains its traditional regulatory powers, and is also an effective, proactive investment agency with promotion and facilitation services, and business matchmaking, in addition to serving Egyptian expatriates and offering investor aftercare, as well as encompassing a research and market intelligence functions.